GSK to buy US derma co Steifel for $2.9B+
Only a few weeks after the US firm Stiefel Laboratories revealed that it is evaluating strategic options, including a sale (Marketletter March 30), UK drug giant GlaxoSmithKline has stepped in, announcing that they have signed an agreement to create a new world-leading specialist dermatology business.
Under the terms of the deal, GSK will acquire the total share capital of Stiefel for a cash consideration of $2.9 billion. GSK also expects to assume $400.0 million of net debt upon closing. A potential further $300.0 million cash payment is contingent on future performance. The UK firm's existing prescription dermatological products will be combined with those of the US company and the new specialist global business will operate under the Stiefel identity within the GSK group.
Deal re-energizes dermatology portfolio
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